The Company changed its accounting policy

Ref. No.: A/C ST. 0339/2007 May 14, 2007 Subject : The Company changed its accounting policy for recording investments. To : President of the Stock Exchange of Thailand Dear Sirs, During the current period, the Company changed its accounting policy for recording investments in subsidiaries and associated companies in the separate financialstatements from the equity method to the cost method, in compliance with Notification No. 26/2549 regarding Accounting Standard No. 44 "Consolidated Financial Statements and Accounting for Investments in Subsidiaries"(Amendment No.1),issued by the Federation of Accounting Professions, under which investments in subsidiaries, jointly controlled entities and associates are to be presented in the separate financial statements under the cost method rather than the equity method. In this regard, the Company has restated the previous period's separate financial statements as though the investments in the subsidiaries and associated company had originally been recorded using the cost method. The change has the effect of decreasing net income in the separate income statements for the three-month periods ended 31 March 2007 and 2006 by Baht 12.8 million (Baht 0.01 per share) and Baht 10.7 million (Baht 0.01 per share), respectively. The cumulative effect of the change in accounting policy has been presented under the heading of "Cumulative effect of the change in accounting policy for investments in subsidiaries and associated company" in the separate statements of changes in shareholders' equity. Please kindly be informed. Yours sincerely, ___________________________ (Mr. Woraphant Chontong) Director